First Bancorp reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $147,826,000 against $143,954,000 a year ago. Net interest income was $122,266,000 against $121,064,000 a year ago. Net interest income after provision for loan and lease losses was $96,563,000 against $97,873,000 a year ago. Income before income taxes was $26,377,000 against $37,198,000 a year ago. Net income attributable to common stockholders was $23,500,000 against $23,635,000 a year ago. Earnings per basic and diluted common share was $0.11 against $0.11 a year ago. Return on average assets was 0.79% against 0.80% a year ago. Return on average total equity was 5.16% against 5.29% a year ago. Return on average common equity was 5.27% against 5.40% a year ago. Adjusted net income (non-GAAP) was $28,135,000 against $21,609,000 a year ago.

For the year, the company reported interest income of $588,423,000 against $585,292,000 a year ago. Net interest income was $491,551,000 against $484,118,000 a year ago. Net interest income after provision for loan and lease losses was $347,297,000 against $397,385,000 a year ago. Income before income taxes was $61,983,000 against $130,259,000 a year ago. Net income attributable to common stockholders was $64,280,000 against $93,006,000 a year ago. Earnings per diluted common share was $0.30 against $0.43 a year ago. Book value per common share as at December 31, 2017 was $8.48 against $8.05 as at December 31, 2016. Tangible book value per common share as at December 31, 2017 was $8.28 against $7.83 as at December 31, 2016. Return on average assets was 0.56% against 0.75% a year ago. Return on average total equity was 3.63% against 5.28% a year ago. Return on average common equity was 3.71% against 5.39% a year ago.

For the quarter, the company reported net charge-offs of $24,730,000 against $31,658,000 a year ago.